9 October Deutsche Bank has raised its share price target for P&O Princess to 550p from 450p, citing the bid battle for the cruise firm between Carnival and Royal Caribbean. 'We think that Carnival is likely to succeed,' it said. 'The stock should now be seen as a cheap way to invest in Carnival shares, a stock which is undervalued.' It retained a 'buy' rating.

Morgan Stanley has cut its share price target for Safeway to 219p from 319p, fearing the grocer's sales growth is slowing. It dropped its profit target by 7% for 2003 and 9% for 2004. But it retained an 'equal-weight' recommendation, saying the stock still looked cheap.

SG Securities has raised mortgage bank Abbey National to 'buy' from 'hold' with a target of 800p. 'The share price has fallen to such a level where it looks attractive,' it said. 'The Bank of Ireland bid simply reinforces this view and shows there are trade buyers around who also think its cheap.'

Morgan Stanley has cut clothing retailer Marks & Spencer to 'equal-weight' from 'overweight', dropping its price target by 20% to 385p. It cited a likely increase in the firm's pension fund deficit. Lehmans cut its M&S target to 360p from 390p. 'We have realigned our price target to current trading multiples,' the bank said.

UBS Warburg has raised International Power to 'buy' from 'hold' but lowered its price target to 115p from 140p. Warburg also raised water and sewerage company Severn Trent to 'buy' from 'hold', and reiterated its price target of 810p.

Schroder Salomon Smith Barney has lowered its target for sportswear retailer JJB Sports to 140p from 195p after the firm released weak first-half results. Credit Suisse First Boston has upgraded fitness clubs operator LA Fitness to 'outperform' from 'neutral', saying the fall in its shares had been overdone. It has a 200p price target. 'Why did LA Fitness perform so well when all around it appear to be falling by the wayside?' it added. 'There are two rational explanations: expanding in a sensible manner (maintaining controls) and the wide range of facilities at the price (a further example of consumers being value conscious).'

8 October Schroder Salomon Smith Barney has lowered its share price target for outsourcing firm Capita to 300p from 375p, citing an increased risk premium for growth stocks. It kept a 'buy' rating on the company.

Marks and Spencer's broker Cazenove has raised its full-year profit expectations after a better-than-expected second-quarter sales performance. It raised this year's forecast by 4.6% to £680m, giving earnings per share of 20.6p, from a previous forecast of 19.7p. Next year's forecast was raised to £780m from £747m, giving EPS 23.7p, from a previous estimate of 22.7p.

Goldman Sachs has dropped ecruitment firm Michael Page International to 'market perform' from 'market outperform' on Tuesday, citing less confidence in a recovery in its business. it cut its 2002 earnings forecast by 2% and by 27% for 2003. 'We now have less confidence in the timing of Michael Page's business upturn, particularly as the company's business is likely to lag other, more generalist peers, given its exposure to professional staffing and permanent placement,' it said.

Seymour Pierce has raised CMG and Logica to 'hold' from 'reduce', after the IT services companies said they were in merger talks. 'The obvious benefits include operational cost savings and an introduction of CMG into Logica's wider global market, particularly Germany,' it said. 'Underlying cost savings benefits would be attractive in the short term but the real value remains in the long term with a huge IT services business and a global mobile messaging giant.'

Julius Baer has raised CMG to 'hold' from 'reduce'. It lifted its price target to 60p from 55p, predicting earnings before goodwill of 4.8p a share in 2002, 5.3p in 2003 and 5.7p in 2004.

UBS Warburg has raised building materials supplier Travis Perkins to 'buy' from 'hold'. The price target rises to 1,250p a share from 875p.

7 October Deutsche Bank has raised ceramics and electronics materials firm Cookson Group to 'buy' from 'hold' as part of a sector review.

Morgan Stanley has cut its price target on hotels and pubs group Six Continents to 600p from 675p, saying demerger plans highlighted several negative issues such as brand underperformance and heavy investment spending. It has an 'equal-weight' recommendation on the shares.

UBS Warburg has cut its recommendation on pharmaceuticals giant GlaxoSmithKline to 'hold' from 'buy'. It kept a price target of 1300p on the stock.

Old Mutual Securities has downgraded health clubs operator LA Fitness to 'add' from 'buy' after annual profits came in line with expectations. It cited the recent profits warning from rival Fitness First. 'There is a certain 'inevitability' that the good times will not last for ever,' it said.

UBS Warburg has cut its target price on IT services firms CMG to 40p from 80p and Logica to 122p from 145p. It kept a 'hold' recommendation on both.

Schroder Salomon Smith Barney has raised media company Daily Mail & General Trust to 'outperform' from 'in-line', citing potential for 'substantial earnings growth'. 'In the next two years...we forecast 12% and 23% increases in the underlying earnings per share, ahead of both the average of the media and the market,' it said. SSSB kept a price target of 650p and said it expected results from Daily Mail in November to show strong growth in the first quarter of 2003. DMGT owns This Is Money.

Morgan Stanley has cut its price target on software developer Autonomy, predicting 'very low returns from operations'. It now has a price target of $1.20, from $1.80, and an 'underweight' rating.